Saudi Launches Joint Military Venue with France
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Saudi's SAMI launched a joint military venture with France's Figeac Aero to make aerostructure components in the KSA.
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The two companies have agreed to build a factory in Saudi Arabia.
Saudi Arabian Military Industries (SAMI) is forming a joint venture with France's Figeac Aero, as per which the latter would build a factory in the KSA to make aerostructure components, SAMI said on Saturday.
The venture's revenue is expected to reach $200 million by 2030, with Saudi Arabia owning 60% of the joint venture and the French company holding the remaining 40%, SAMI said in a statement.
تعرفوا على مشروعنا المشترك #SAMIFIGEAC مع شركة "فيجيك أيرو" الفرنسية وشركة "دسر" #رؤية_السعودية_2030
— الشركة السعودية للصناعات العسكرية (@SAMIDefense) December 4, 2021
Learn about #SAMIFIGEAC, our Joint Venture to manufacture airframe components in partnership with @FigeacAero and @Dussur#SaudiVision2030 pic.twitter.com/bWzktrA2hq
The SAMiFegiac joint venture would carry out a series of major investments over the course of the upcoming 10 years.
The investments would mostly be financed by local financial institutions, including the launch of a new production facility in Jeddah.
Saudi Arabian Industrial Investments Company (Dussur) is also a partner in the project, according to SAMI's statement.
The project aims to develop Saudi Arabia's aerostructure manufacturing capabilities, train Saudi engineers and technicians to work as part of the project, and boost the localization of military and civil aerospace industries in line with Saudi Vision 2030, SAMI said.
Earlier Saturday, French President Emmanuel Macron met Saudi Crown Prince Mohammed bin Salman in Jeddah to discuss guaranteeing "stability" in the Gulf as well as the crisis with Lebanon.
France and the UAE signed Friday an agreement for the supply of 80 Rafale fighter planes manufactured by the French company Dassault Aviation. Abu Dhabi also ordered 12 Caracal helicopters.
This deal came after Macron went to the UAE as part of his Middle Eastern tour, in which he met with Abu Dhabi Crown Prince Mohammed bin Zayed.
